< Back to Latest News Studies Article: Top Tips on being prepared for Self-Assessment

Author: Matthew Jeffery, Tax Director

Tip 1: Don’t leave it until last minute. 

If you’ve already read our Guide to Self-Assessment Tax Returns, you’re already listening to our number 1 tip on being prepared. Next steps would be to set aside some time (it will most likely take a day) to go through all the forms and gather the necessary paperwork/information required. 

Tip 2: Take advantage of available tax reliefs and tax deductions. 

There are tax incentives and reliefs available to business owners to reduce their tax liability.  There are also expenses that can be claimed. Contact the Team at Zeal to ensure that you are taking full advantage of any help available to you. 

Tip 3: Set money aside – start saving from day 1. 

Unless you have an exemption from paying tax, then paying your tax bill is unavoidable if you make sufficient profit. Set aside money each month from any income generated to ensure that you can cover the charge when the time comes.  

Tip 4: Keep accurate records.  

In the event of an enquiry from HMRC, you will need to provide evidence that the figures contained within your tax return are correct. Don’t throw away any records after filing – you should keep these for at least 5 years (you can scan them and save them on a computer).  

Tip 5:  Don’t guess, ask for Help! 

If you are unsure of anything, get in touch with the team at Zeal on 01633 287898 or by email on hello@gozeal.co.uk. 

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Got a question about Self-Assessment? Check out the FAQs below!

Do I have to complete a self-assessment tax return if I have no tax to pay? 

You don’t need to submit a tax return if you earn less than £1,000 or your sales are less than £10,000 and you make a loss. If you are making a loss, it is still good practice to submit a tax return to keep track of the losses.  

What information do I need to complete my tax return? 

There is no specific list of the information needed to complete your self-assessment.  What you require will vary depending on your individual circumstances. For business owners, the recommended minimum is to keep a record of all sales and expenses incurred in a spreadsheet.  

Can I amend my self-assessment tax return after I have submitted it? 

Yes. You can amend your return any number of times before the amendment deadline. The amendment deadline is usually the next 31 January after the deadline to submit the return you are amending.  For example, last year’s tax return 2021/22, can be amended until 31 January 2024.  

If you need to change your tax return after the amendment deadline has passed, then you can submit an error or mistake claim for up to 4 years after submission. 

Are there any payment options? / Do I have to pay all my tax in one go?

There may be payment options available to you if you cannot pay your tax liability in one go. The best course of action would be to contact HMRC well in advance of the payment deadline and discuss your circumstances and any payment plan requirements with them. HMRC can allow you to spread payments over a period of months depending on your personal circumstances and what you can afford to pay. 

What happens if I can’t pay the tax due? 

If you are having difficulty meeting a tax bill or know that you will have difficulty paying a future bill, you should contact HMRC as soon as possible. If you do agree a payment plan with HMRC, you will be charged late payment interest and penalties. 

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Where can I find more information or get help? 

• The Gov website: www.gov.uk  
  
• HMRC YouTube videos and webinars: https://www.youtube.com/user/hmrcgovuk
• Contact Zeal Tax on:

01633 287898 | hello@gozeal.co.uk | www.gozeal.co.uk/contact/